The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1887-06-15
THE CHICAGO MARKETS.
Wheat Deal Still in Doubt-COrn DHu and
Provisions Depressed.
Special to the Sentinel

Special to the Sentinel
CHICAGO, June 1.-THE wheat deal on
'ChsDge and the plans of the CLIQUE are as
much mystery as three months age, when
a corner" first began to be talked about.
The Chicago crowd have been terribly
"whip-sawed." At first they believed in
the squeeze, and got left when the manipu-
lators were obliged TO let prices down for
want of the funds needful. Then they bet
the same thing would happen again and
got beaten, while the sudden
drops and spurts at the pres
and difgusted the toilers who Imagined they
had tips from the inside" Now every
body is at sea, nobody knows the cllque's
plans, not even their brokers. at one mo-
ment it looks as though the June deal had
collapsed, and the next the pit seems on
the eve of a sensational squeeze. Receipts
OF cash wheat are enormous, and the press
ure of grain from behind is undiminisned.
Everybody west of here seems filed with a
yearning to send in their stuff while high
prices are assured. Chicago's elevator ca
pacity is practically exhausted and over
L400 cars loaded with wheat are side.
tracked, the st. Paul acknowledging to 500
cars and the Northwestern to 700 cars. The
owners Of this grain are offering premium
for storsge room. Some Of the biz
shorts proposed to ship out corn
u
are hampered by scarcity of vessel room.
''Short'' contracts to large amount have
been settled this week through Rosenfeld
& Co., none of the other clique houses
having done any selling. The "short" in
terest now out is estimated to be about
10, 600, 600 bushels, but some of the bears
claim it will not pay the manipulators to
queeze this and be obliged to take and pay
| for some T. 900, 600 bushels of cash wheat at
Il hsoL Ln& ID T,r1~
| 1. 1t is the common belief that the clique
| is picking up the July option on the soft
/ spots, but they are not buying through
| their recognized brokers. Nobody doubts
| but that the deal will be protracted into
| July, but how low that month is to be
| forced before it is taken in hand is q mys-
| terry.
Rumors of large quantities of 'hot''
| wheat that are about TO be posted are con-
stantly circulated on the floor. Talks with
| elevator men, however, prove these ma
| licious stories to be without the slightest
| foundation. Our wheat was never in bet
| ter condition. Private cables quote for
| eign markets quiet with a down ward ten
| dency, but seaboard clearances continue
large, with Philadelphia and Baltimore
leading and New York taking third place,
| Crop news is most favorable, which &C
| counts for the weakness OF the distant tut.
ures. Still Kershaw, IN an interview to.
night, says he does not expect to see cash
wheat sell below 90 cents again this year.
Corn rules dull and rather weak. Coun-
| try orders are chiefly to cover July con-
tracts and sell distant options against
cribbed corn. Still the pressure for eleVs.
tor room may become so urgent IS to cause
all, or nearly all, the corn and oats here to
be hurried out. There has been such
| enormous selling of both grains that such
a move would cause sharp advance.
Provisions were depressed by yellow
fever reports from Florida, but since these
have been contradIcted the market has
rallied readily. Wright and c. j. Single
backed by "0ld Hutch" are understood
| to he working the bull side at short ribs
The demand for cash product is brisk, and
has to be supplied principally from Chi
cago, as interior stocks are badly broken.